Reuters Canada and E*Trade Technologies are to build an electronic institutional gateway between their equity order routing systems to be launched in early September.
The gateway will enable customers of E*Trade Canada Securities Corporation to route US-bound orders from the Reuters CXTrader desktop through the E*Trade Canada institutional equity order routing network for execution on US markets and ECNs.
Jeanette Klockgether, president of Reuters Canada Limited, says: "Our goal is to provide access to as many global markets as possible from the same desktop. E*Trade Canada Securities Corporation is an ideal partner for this initiative because of its strong US-bound electronic execution capabilities."
The interface is being developed cooperatively by both companies and is expected to test in early September. CXTrader clients will be able to access the new service by using the same platform that serves their Canadian trading needs.
Reuters anticipates making the gateway available for a flat monthly fee per firm.